Australia's best known building now worth $6.2 billion

The Sydney Opera House may be priceless to most Australians. But a report released on Thursday by accounting firm Deloitte has valued it at $6.2 billion, an increase of 24 per cent in real terms since the last time the firm valued it five years ago at $4.6 billion.

In 2013, the building’s 40th anniversary year, the Deloitte report Valuing An Icon estimated the Opera House’s economic contribution at $775 million and its total social asset value at $4.6 billion.

The Sydney Opera House.Credit: Dean Sewell

But today's report - 45 years since its 1973 opening - says the building's annual economic contribution has increased by 44 per cent in real terms to $1.2 billion.

It also welcomed 10.9 million guests a year, a 33 per cent increase frome 2013 when 8.2 million visited. Of this total, around 2.9 million were international tourists, almost one million more international visitors attend the Opera House precinct annually, from the two million international visitors it welcomed in 2013. This represents a 46 per cent growth.

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While the building, which cost $102 million to build, is renowned as a symbol of modern Australia and one of the world’s busiest performing arts centres, it is also an important contributor to the Australian economy. It employs 8,698 people, with a total value of consumer transactions within the Bennelong Point precinct growing almost 50 per cent up to $219 million in 2017.

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One of the report authors, John O'Mahony, a partner at Deloitte Access Economics, said this growth was so significant he had to get his team to check the figures three times to be sure they were correct.

"The growth was huge. We can assure Australians the brand value is incredibly high and remains up there wit h the Taj Mahal and the Great Wall of China as one of the world's most recognised buildings," Mr O'Mahony said.

"These days the Sydney Opera House supports the employment of nearly 9000 people, if this were a company represented on the Australia Stock Exchange it would be one of the biggest in the country," he said.

"The growth is due to factors such as the growing number of international visitors to Sydney, increased Opera House patronage, an enhanced tour and performance experience, building renewal works, population growth, increasing consumption of digital content online, and a possible wider appreciation or the arts in Australia," the report said.

The Opera House opened in 1973. Credit:AP

Major events this year such as New Year's Eve, Australia Day, Vivid, the Invictus Games and the controversy following the Everest horse race illuminations, meant the building's white sails were seen on the global stage.

Digital engagement via website views, streaming videos and its social media presence across Facebook and Instagram, grew fourfold since 2013 and is now worth an estimated $12.5 million per year to Australia.

"It is important to protect this icon, and find new ways to keep growing the value it provides," the report said.

The report's findings are based on a bespoke survey by Research Now in August 2018 of 3000 Australians, as well as 500 international tourists from New Zealand, the United Kingdom, the United States and China.

Around 23,000 people visit the Opera House daily, "enough to fill a stadium" the Opera House CEO Louise Herron said.